Intertemporal Resource Economics: An Introduction to the Overlapping Generations Approach

Publisher: Springer | ISBN: 3642132286 | edition 2010 | PDF | 174 pages | 1,9 mb



This monograph provides a concise introduction to the overlapping generations approach to the intertemporal economics of renewable natural resources. In contrast to the dominant infinitely-lived agent (ILA) approach it acknowledges that natural resources typically outlive the individuals who use them. Finite lifetimes, generations overlap and competing natural and man-made capital facilitate long-run intergenerational inefficiency and inequity (unsustainability) of market allocations.

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